OIL PRICE HEAT WAVE COMING
MOTORISTS will have to brace for another bigtime oil price hike next week after being seared by mixed adjustment last Tuesday.
Oil Industry Management Bureau Assistant Director Rodela Romero said based on the result of a four-day oil trading in the world market, a significant rise in fuel cost was seen with diesel expected to go up by P1.20 to P1.40 per liter, gasoline by P90 centavos to P1.20 per liter and kerosene by P1.10 to P1.30 per liter in the incoming week.
The looming increase, according to Romero, was driven by continued turmoil in the middle east and the production cut of Organization of the Petroleum Exporting Countries (OPEC).
Local oil companies usually announce price adjustments every Monday, to be implemented the following day.
